NEW ORLEANS, Nov. 18, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 22, 2014 to file lead plaintiff applications in a securities class action lawsuit against Tesco PLC (OTC:TSCDY) if they purchased the Company's securities between February 2, 2014 and September 22, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Tesco and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 22, 2014.
About the Lawsuit
Tesco and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
Tesco, together with its subsidiaries, operates as a grocery retailer. The Company also provides retail banking, financial, and insurance services. KSF's investigation is focused on Tesco's September 22, 2014 disclosure that the Company is investigating the overstatement of its profit forecast for 2015 by approximately $408.8 million. According to the Company, its most recent profit forecast for fiscal 2015 was overestimated as a result of an accounting error related to revenue that was booked early and by delayed recognition of costs.
Following these disclosures, Tesco's stock dropped as much as 14%, or $1.68 per share, in intraday trading on September 22, 2014.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.